The global zero trust security market size is projected to grow from $19.6 billion in 2020 to $51.6 billion by 2026, recording a compound annual growth rate (CAGR) of 17.4% from 2020 to 2026, according to MarketsandMarkets.
The major growth drivers for the market include the rising need for compliance for networks, user devices, and data from unauthorized access and to get a centralize view on threats.
The data security segment estimated to lead the market in 2020
Data security solutions are responsible for securing business database and information such as customer details, financial information, and employee database as well as other key business data of any organizations.
Huge amount of data is generated everyday across organizations in various industry verticals and effective management and storage of business data becomes critical for the IT and data security professionals.
An organizations database comprises of sensitive data such as Personally Identifiable Information (PII), Personal Health Information (PHI), Intellectual Property (IP), as well as Payment Card and Financial Information.
Databases often become a target for cybercriminals and victim of cyberattacks causing data breaches and loss of business and personal information. Zero trust data security solutions fortify an organization’s data security by confining the risks from user privileges and access restricting the lateral movement of threats within a company’s infrastructure.
Based on vertical, IT & ITES estimated to lead the market in 2020
The IT and ITES vertical is growing at an unprecedented rate in North America, Europe, and APAC. However, it is one of the major targets for cyberattacks as IT and ITES companies are dealing with storage and transfer of large volumes of critical business data and the employee data, such as names, addresses, and financial transactions.
The rise in penetration of cloud computing, IoT devices, BYOD, and mobile and web applications has widened the surface of cyberattacks in the IT and ITES vertical.
Moreover, companies controlling and operating critical infrastructure used to communicate and store sensitive data prone to complex attacks, such as DDoS attacks and ransomware attacks. These attacks would pose a high risk for privacy of confidential data.
North America is expected to hold the largest market share
Most of the security vendors are based in North America, which makes the region to be among the early adopter of new and advanced security technologies. As a result, North America is expected to dominate the zero trust security market during the forecast period.
Moreover, increase in the sophisticated cyber-attacks is anticipated to drive the implementation of zero trust security in several verticals such as banking, finance, government, and healthcare sectors.
With the widespread use of digital payments, cloud based applications, IoT, security ecosystem has become more complex. Besides, various SMBs are welcoming disruptive work culture through services such as BYOD and work-from-home, exposing the enterprise data prone to number of cyber-attacks.